30-Year Mortgage Rate Average Hits 6.91%

Freddie Mac today (01/02/2025)  released the results of its Primary Mortgage Market Survey^® (PMMS^®), showing the 30-year fixed-rate mortgage (FRM) averaged 6.91 percent.

“Inching up to just shy of seven percent, mortgage rates reached their highest point in nearly six months,” said Sam Khater, Freddie Mac’s Chief Economist. “Compared to this time last year, rates are elevated and the market’s affordability headwinds persist. However, buyers appear to be more inclined to get off the sidelines as pending home sales rise.”

• The 30-year FRM averaged 6.91 percent as of January 2, 2025, up from last week when it averaged 6.85 percent. A year ago at this time, the 30-year FRM averaged 6.62 percent.
• The 15-year FRM averaged 6.13 percent, up from last week when it averaged 6.0 percent. A year ago at this time, the 15-year FRM averaged 5.89 percent.

The PMMS^® is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit